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<p id="xdx_803_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z208c1MK6ZV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">1. Organization and Description of the Business Greenwich LifeSciences, Inc. (the “Company”) was incorporated in the state of Delaware in 2006 under the name Norwell, Inc. In March 2018, Norwell, Inc. changed its name to Greenwich LifeSciences, Inc. In February 2023, Greenwich LifeSciences Europe Limited was incorporated as a wholly owned subsidiary in Ireland. The Company is developing a breast cancer immunotherapy focused on preventing the recurrence of breast cancer following surgery.

2. Going Concern The Company has prepared its financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. However, the Company has incurred net losses since its inception and has negative operating cash flows. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern. As of June 30, 2026, the Company had cash of $8,876,353. For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain additional capital.

8876353

3. Significant Accounting Policies Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements of the Company for the years ended December 31, 2025 and 2024 as reported in the Company’s Form 10-K have been omitted. Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02-Leases (Topic 842), which significantly amends the way companies are required to account for leases. Under the updated leasing guidance, some leases that did not have to be reported previously are now required to be presented as an asset and liability on the balance sheet. In addition, for certain leases, what was previously classified as an operating expense must now be allocated between amortization expense and interest expense. The Company elected to adopt this update using the modified retrospective transition method and prior periods have not been restated. The current monthly rent is approximately $4,445. The month-to-month sub-lease is from a related party and the underlying lease expires in July of 2026. Any right of use asset and liability is deemed to be nominal as of June 30, 2026 and December 31, 2025. Basic and Diluted Loss per Share As of June 30, 2026 the Company had <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_do_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOoDvSpd3PI9" title="Common stock equivalents to warrants outstanding">no common stock equivalents related to warrants outstanding. As of June 30, 2025, the Company had common stock equivalents related to warrants outstanding to acquire <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zkpiZJTnsa44" title="Common stock equivalents to warrants outstanding">20,174 shares of the Company’s common stock. As of June 30, 2026 and 2025, the Company had common stock equivalents related to options outstanding to acquire <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDNc6P7TYD84" title="Common stock equivalents to options outstanding">3,226,065 and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrK5a8IIe1r2" title="Common stock equivalents to options outstanding">3,126,065 shares of the Company’s common stock, respectively. As of June 30, 2026 and 2025, the Company has <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zPm1GNViluf1" title="Common stock equivalents"><span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zq83hHQHdWue" title="Common stock equivalents">no common stock equivalents related to convertible preferred stock issued and outstanding. The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Schedule of Basic and Diluted Net Loss Per Common Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630_zndoxzvT64Vk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630_zuvBA0Btm526" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasicAbstract_iB_zunVXPumaOo9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share calculation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zsUepTB9tKVj" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net loss, basic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(9,605,812</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(6,493,420</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--FairValueAdjustmentOfWarrants_zoqdBoXOdhdk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value of warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_zHea2vQayZCe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss, diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,605,812</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,493,420</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Weighted average common shares outstanding, basic and diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,676,615</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,271,820</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss per common share, basic and diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.65</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.49</td><td style="text-align: left">)</td></tr> </table>

Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto of the Company contained elsewhere herein. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements of the Company for the years ended December 31, 2025 and 2024 as reported in the Company’s Form 10-K have been omitted.

Leases In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02-Leases (Topic 842), which significantly amends the way companies are required to account for leases. Under the updated leasing guidance, some leases that did not have to be reported previously are now required to be presented as an asset and liability on the balance sheet. In addition, for certain leases, what was previously classified as an operating expense must now be allocated between amortization expense and interest expense. The Company elected to adopt this update using the modified retrospective transition method and prior periods have not been restated. The current monthly rent is approximately $4,445. The month-to-month sub-lease is from a related party and the underlying lease expires in July of 2026. Any right of use asset and liability is deemed to be nominal as of June 30, 2026 and December 31, 2025.

4445

the underlying lease expires in July of 2026

Basic and Diluted Loss per Share As of June 30, 2026 the Company had <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_do_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOoDvSpd3PI9" title="Common stock equivalents to warrants outstanding">no common stock equivalents related to warrants outstanding. As of June 30, 2025, the Company had common stock equivalents related to warrants outstanding to acquire <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zkpiZJTnsa44" title="Common stock equivalents to warrants outstanding">20,174 shares of the Company’s common stock. As of June 30, 2026 and 2025, the Company had common stock equivalents related to options outstanding to acquire <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDNc6P7TYD84" title="Common stock equivalents to options outstanding">3,226,065 and <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrK5a8IIe1r2" title="Common stock equivalents to options outstanding">3,126,065 shares of the Company’s common stock, respectively. As of June 30, 2026 and 2025, the Company has <span id="xdx_90A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20260101__20260630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zPm1GNViluf1" title="Common stock equivalents"><span id="xdx_908_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20250101__20250630__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zq83hHQHdWue" title="Common stock equivalents">no common stock equivalents related to convertible preferred stock issued and outstanding. The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Schedule of Basic and Diluted Net Loss Per Common Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630_zndoxzvT64Vk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630_zuvBA0Btm526" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasicAbstract_iB_zunVXPumaOo9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share calculation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zsUepTB9tKVj" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net loss, basic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(9,605,812</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(6,493,420</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--FairValueAdjustmentOfWarrants_zoqdBoXOdhdk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value of warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_zHea2vQayZCe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss, diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,605,812</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,493,420</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Weighted average common shares outstanding, basic and diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,676,615</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,271,820</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss per common share, basic and diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.65</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.49</td><td style="text-align: left">)</td></tr> </table>

20174

3226065

3126065

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated: Schedule of Basic and Diluted Net Loss Per Common Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20260101__20260630_zndoxzvT64Vk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20250630_zuvBA0Btm526" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Six Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2026</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasicAbstract_iB_zunVXPumaOo9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Basic and diluted net loss per share calculation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_zsUepTB9tKVj" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: left">Net loss, basic</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(9,605,812</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">(6,493,420</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--FairValueAdjustmentOfWarrants_zoqdBoXOdhdk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in fair value of warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_zHea2vQayZCe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss, diluted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9,605,812</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(6,493,420</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Weighted average common shares outstanding, basic and diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,676,615</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13,271,820</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Net loss per common share, basic and diluted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.65</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.49</td><td style="text-align: left">)</td></tr> </table>

-9605812

-6493420

-9605812

-6493420

14676615

13271820

-0.65

-0.49

4. Related Party Transactions Unreimbursed expenses have been accrued and incurred by management, which total $57,077 as of June 30, 2026 and $276,496 as of December 31, 2025. Two other members of Snehal Patel’s family are contracted or employed by the Company. The total cash compensation paid to the two family members for the three months ended June 30, 2026 and 2025 were approximately $<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_c20260401__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_zQq1lQ34lCC8" title="Cash compensation paid">33,000 and $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_c20250401__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_zgLMRqQqAue1" title="Cash compensation paid">56,000, respectively. The total cash compensation paid to the two family members for the six months ended June 30, 2026 and 2025 were approximately $<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_z9IBnflRKUMj" title="Cash compensation paid">98,000 and $<span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_zzUFCF5yhRHg" title="Cash compensation paid">112,000, respectively. The total option compensation paid to the two family members for the three months ended June 30, 2026 and 2025 were approximately $<span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_c20260401__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_zBTPy94AhCMe" title="Option compensation paid">65,000 and $<span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_c20250401__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_zt80yhWkIQl" title="Option compensation paid">66,000, respectively. The total option compensation paid to the two family members for the six months ended June 30, 2026 and 2025 were approximately $<span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_c20260101__20260630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_zhc4UWij6HRb" title="Option compensation paid">131,000 and $<span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_c20250101__20250630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TwoFamilyMembersMember_zXyiuM2zy6ai" title="Option compensation paid">132,000, respectively. The total reimbursements submitted for the three months ended June 30, 2026 and 2025 were approximately $0.7 million and $0.5 million, respectively. The total reimbursements submitted for the six months ended June 30, 2026 and 2025 were approximately $2.9 million and $1.2 million, respectively.

57077

276496

33000

56000

98000

112000

65000

66000

131000

132000

700000

500000

2900000

1200000

5. Commitments and Contingencies Accounts payable total $4,807,655 and $4,653,644 as of June 30, 2026 and December 31, 2025, respectively. License Obligation, Legal Expenses, and Manufacturing Agreements The Company entered into an exclusive license agreement with The Henry M. Jackson Foundation (“HJF”) in April 2009, as amended, pursuant to which it acquired exclusive marketing rights to GP2, the Company’s product candidate. In consideration for such licensed rights, the Company issued HJF <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20090401__20090430__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__dei--LegalEntityAxis__custom--TheHenryMJacksonFoundationMember_zWPbj9IPLUKf" title="Shares issued during period common stock">202,619 shares of the Company’s common stock valued at $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20090430__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__dei--LegalEntityAxis__custom--TheHenryMJacksonFoundationMember_ztVe3fUntCsa" title="Shares issued price per share">0.267 per share, which is amortized over <span id="xdx_904_ecustom--AmortizedPeriod_dtY_c20090401__20090430__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TheHenryMJacksonFoundationMember_zLeC80qdyI13" title="Amortized period">15 years at $<span id="xdx_901_eus-gaap--AdjustmentForAmortization_c20090401__20090430__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TheHenryMJacksonFoundationMember_zhshprnQPu3l" title="Amortized value">3,607 per year. Pursuant to the exclusive license agreement, the Company is required to pay an annual maintenance fee, milestone payments and royalty payments based on sales of GP2 and to reimburse HJF for patent expenses related to GP2. The Company currently depends on third-party contract manufacturers for all required raw materials, active pharmaceutical ingredients, and finished product candidate for the Company’s clinical trials. Accounts payable and accrued interest includes the following obligations to HJF which include accrued interest which totals $220,845 and patent expense reimbursement which totals $245,966 as of June 30, 2026 and December 31, 2025. Deferred Compensation Bonus compensation of $367,538 for senior management for services provided in 2025 has been deferred. Bonus compensation of $306,281 for senior management for services provided in 2024 has been deferred. Legal Proceedings From time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business. Any of these claims could subject the Company to costly legal expenses and, while management generally believes that there will be adequate insurance to cover different liabilities at such time the Company becomes a public company and commences clinical trials, the Company’s future insurance carriers may deny coverage or policy limits may be inadequate to fully satisfy any damage awards or settlements. If this were to happen, the payment of any such awards could have a material adverse effect on the results of operations and financial position. Additionally, any such claims, whether or not successful, could damage the Company’s reputation and business. The Company is currently not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, could have a material adverse effect on our results of operations or financial position.

4807655

4653644

202619

0.267

P15Y

3607

220845

245966 245966

367538

306281

6. Stockholders’ Equity As of June 30, 2026, 893,181 shares of the <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zS4HfRGwhdt4" title="Number of shares granted">908,362 shares of the common stock grant, which includes an additional grant of 120 shares issued during the vesting period due to rounding up of fractional shares, had vested at approximately $<span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iI_c20260630_zHvZg2c3RfSd" title="Aggregate vested shares value">2,009,657 value and 15,181 shares remain unvested and unrecognized at approximately $<span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20260630_znFVLYtI2Uri" title="Unrecognized value of shares">34,157 value. There were <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_do_c20260101__20260630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOjhLQErTuD5" title="Common stock grant vested shares"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_do_c20250101__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zEsBnuClwpo6" title="Common stock grant vested shares">no shares vested during the six months ended June 30, 2026 and 2025. On January 23, 2022, November 30, 2022, November 17, 2023, March 12, 2024, March 2, 2025, and December 27, 2025, the board of directors sequentially extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to September 30, 2026 (approximately 72 months from date of the Company’s IPO). During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company’s common stock unless otherwise modified by the board of directors. After September 30, 2026, leak-out provisions will become effective unless otherwise modified by the board of directors. Between January 1, 2026 and June 30, 2026, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 379,762 shares of its common stock at an average offering price of $25.36 per share for gross proceeds of $9,629,468 and net proceeds of $9,340,576, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totalled $288,892. Between January 1, 2025 and June 30, 2025, the Company completed At The Market (“ATM”) offerings pursuant to its ATM agreement with H. C. Wainwright, in which it issued and sold a total of 320,210 shares of its common stock at an average offering price of $9.95 per share for gross proceeds of $<span id="xdx_903_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20250101__20250630__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember_zA9tuL2mt3U" title="Gross proceeds from sale of shares">3,185,661 and net proceeds of $3,100,668, after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $<span id="xdx_90B_eus-gaap--PaymentsOfStockIssuanceCosts_c20250101__20250630__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember_zL9xbaagscVj" title="Underwriting discounts, commissions and offering expenses">84,993. Options On June 22, 2022, prior to the close of the Nasdaq market, <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220622__20220622__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityIncentivePlanMember_ztNnSRtSdCn3">1,498,128 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s 2019 Equity Incentive Plan at an exercise price of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220622__20220622__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityIncentivePlanMember_zwjwj49emtd4">7.63 per share, which was the most recent prior closing share price on June 21, 2022. The options had a fair value on the grant date of $9,512,356, based on a risk-free rate of <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityIncentivePlanMember_zvoO1nvC1442">3.2% and an annualized volatility of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityIncentivePlanMember_zbFAnRjWiVch">106%. As of June 30, 2026, $9,512,356 was expensed. As of June 30, 2025, $<span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20250101__20250630__us-gaap--PlanNameAxis__custom--TwoThousandNineteenEquityIncentivePlanMember_zCMrRkNoFoAg">7,193,716 was expensed. Vesting will be based on time of service over a four year period and certain additional performance milestones for senior management, primarily related to the Phase III clinical trial. On December 24, 2024, prior to the close of the Nasdaq market, <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20241224__20241224__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zCREBDKDMVM" title="Number of shares granted">1,627,937 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20241224__20241224__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_z7DleVui7IW5" title="Exercise price">12.16 per share, which was the most recent prior closing share price on December 23, 2024. The options had a fair value on the grant date of $<span id="xdx_904_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20241224__20241224__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zyRSG1oxLxH" title="Stock granted">16,190,565, based on a risk-free rate of <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20241224__20241224__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zZBbYEjwv22i" title="Risk-free interest rate">4.5% and an annualized volatility of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20241224__20241224__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zaBTdqtcZ627" title="Voltality rate">103%. As of June 30, 2026, $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_z9eM3eyBS4Wa" title="Compensation expense">10,573,391 was expensed and $<span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20260101__20260630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zlBFBmSZJQ7g" title="Fair value">5,617,174 may be expensed in the future if and as vesting occurs. As of June 30, 2025, $<span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20250101__20250630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_z9NmhB0Tniia" title="Fair value">6,774,623 was expensed. Vesting will be based on time of service over a three year period with certain additional retention milestones for senior management. On November 13, 2025, after the close of the Nasdaq market, <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20251113__20251113__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zAfn7dguN9E9">100,000 shares of common stock were granted and vested to management issuable upon exercise of outstanding stock options under the Company’s Amended 2024 Equity Incentive Plan at an exercise price of $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20251113__20251113__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zGXEgiFZU98g">8.20 per share, which was the closing share price on November 13, 2025. The options had a fair value on the grant date of $<span id="xdx_90B_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20251113__20251113__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zzX3KpTvUWda" title="Stock granted">626,469, based on a risk-free rate of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20251113__20251113__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zWvtPCcAm4c4" title="Risk-free rate">3.7% and an annualized volatility of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_c20251113__20251113__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_zbCx6K7TlRo2" title="Volatility rate">101%, of which $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_c20251113__20251113__us-gaap--PlanNameAxis__custom--TwoThousandTwentyFourEquityIncentivePlanMember_z9wGb6udLJGd" title="Compensation expense">626,469 was expensed through December 31, 2025.

893181

908362

120

2009657

15181

34157

379762

25.36

9629468

9340576

288892

320210

9.95

3185661

3100668

84993

1498128

7.63

9512356

0.032

1.06

9512356

7193716

1627937

12.16

16190565

0.045

1.03

10573391

5617174

6774623

100000

8.20

626469

0.037

1.01

626469

7. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. The Company views its operations and manages its business as one operating segment, which includes all activities related to its clinical development programs. The determination of a single reportable segment is consistent with the financial information provided to the CODM. The CODM views and manages the Company’s clinical development programs as a single reportable segment for which all operations are centralized and does not evaluate any other discrete financial information. The accounting policies of the Company’s single reportable segment are the same as those for the financial statements. Segment loss is measured as the Company’s net loss as reported on the statement of operations, which includes segment expenses such as research and development and general and administrative expenses and other segment items such as interest expense. As the Company does not currently generate revenues or profit, the CODM evaluates performance, makes decisions, allocates resources, and plans future activities through analysis of segment expense information. The CODM also monitors the Company’s cash and cash equivalents and net cash used in operations as reported on the balance sheet and the statement of cash flows, respectively. The measure of total segment assets is reported on the balance sheet as total assets.

8. Subsequent Events The Company has evaluated events through the filing date of this Quarterly Report on Form 10-Q, and determined that there have been no subsequent events that occurred that would require adjustments to our disclosures in the financial statements, other than the following: On August 4, 2026, the board of directors extended the lock-up of the shares owned by the Company’s directors, officers, and existing pre-IPO investors to January 31, 2027 (approximately 76 months from date of the Company’s IPO). During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company’s common stock unless otherwise modified by the board of directors. After January 31, 2027, leak-out provisions that restrict the quantity of these locked-up shares that can be sold daily and over various periods of time will become effective unless otherwise modified by the board of directors.